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Simply Breathtaking

This tidbit from the Times story on the House stimulus vote just bowls you over:

Representative Virginia Foxx, Republican of North Carolina, said that former President George Bush’s signature tax cuts in 2001 had created years of growth but that the nation’s problems started when Democrats regained majorities in Congress in the 2006 elections.

Really? So the Democrats came into office and a housing bubble retroactively inflated and began to pop? Mortgage-backed assets worth trillions less than their stated value just magically appeared on bank balance sheets and in hedge fund portfolios? 

Just to clarify, did all this happen on election night 2006, or was it not until January of 2007, when Nancy Pelosi officially became Speaker?

--Noam Scheiber